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Economic evaluation of geothermal power generation, heating, and cooling

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  • Kanoğlu, Mehmet
  • Çengel, Yunus A

Abstract

Economic analysis of a typical geothermal resource shows that potential revenues from geothermal heating or cooling can be much larger than those from power generation alone. Geothermal heating may generate up to about 3.1 times and geothermal absorption cooling 2.9 times as much revenue as power generation alone. Similarly, combined power generation and heating may generate about 2.1 times and combined power generation and cooling about 1.2 times as much revenue as power generation alone. Cost and payback period comparisons appear to favor power generation, followed by district heating.

Suggested Citation

  • Kanoğlu, Mehmet & Çengel, Yunus A, 1999. "Economic evaluation of geothermal power generation, heating, and cooling," Energy, Elsevier, vol. 24(6), pages 501-509.
    • Handle: RePEc:eee:energy:v:24:y:1999:i:6:p:501-509
    DOI: 10.1016/S0360-5442(99)00016-X
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    Cited by:

    1. Sun, Fengrui & Yao, Yuedong & Li, Guozhen & Li, Xiangfang, 2018. "Geothermal energy extraction in CO2 rich basin using abandoned horizontal wells," Energy, Elsevier, vol. 158(C), pages 760-773.
    2. Anderson, Austin & Rezaie, Behnaz, 2019. "Geothermal technology: Trends and potential role in a sustainable future," Applied Energy, Elsevier, vol. 248(C), pages 18-34.
    3. Zheng, Bobo & Xu, Jiuping & Ni, Ting & Li, Meihui, 2015. "Geothermal energy utilization trends from a technological paradigm perspective," Renewable Energy, Elsevier, vol. 77(C), pages 430-441.
    4. Kanoglu, Mehmet & Bolatturk, Ali, 2008. "Performance and parametric investigation of a binary geothermal power plant by exergy," Renewable Energy, Elsevier, vol. 33(11), pages 2366-2374.
    5. DeLovato, Nicolas & Sundarnath, Kavin & Cvijovic, Lazar & Kota, Krishna & Kuravi, Sarada, 2019. "A review of heat recovery applications for solar and geothermal power plants," Renewable and Sustainable Energy Reviews, Elsevier, vol. 114(C), pages 1-1.
    6. Nian, Yong-Le & Cheng, Wen-Long, 2018. "Evaluation of geothermal heating from abandoned oil wells," Energy, Elsevier, vol. 142(C), pages 592-607.
    7. Guzović, Zvonimir & Rašković, Predrag & Blatarić, Zoran, 2014. "The comparision of a basic and a dual-pressure ORC (Organic Rankine Cycle): Geothermal Power Plant Velika Ciglena case study," Energy, Elsevier, vol. 76(C), pages 175-186.
    8. Cao, Yan & Dhahad, Hayder A. & Togun, Hussein & Hussen, Hasanen M. & Anqi, Ali E. & Farouk, Naeim & Issakhov, Alibek, 2021. "Feasibility investigation of a novel geothermal-based integrated energy conversion system: Modified specific exergy costing (M-SPECO) method and optimization," Renewable Energy, Elsevier, vol. 180(C), pages 1124-1147.
    9. Park, Chan-Hee & Shim, Byoung Ohan & Park, Jung-Wook, 2022. "Open-source IoT monitoring system of a shallow geothermal system for heating and cooling year-round in Korea," Energy, Elsevier, vol. 250(C).
    10. Kaniyal, Ashok A. & Nathan, Graham J. & Pincus, Jonathan J., 2012. "The potential role of data-centres in enabling investment in geothermal energy," Applied Energy, Elsevier, vol. 98(C), pages 458-466.
    11. Xu, Da & Bai, Ziyi & Jin, Xiaolong & Yang, Xiaodong & Chen, Shuangyin & Zhou, Ming, 2022. "A mean-variance portfolio optimization approach for high-renewable energy hub," Applied Energy, Elsevier, vol. 325(C).
    12. Coskun, C. & Oktay, Z. & Dincer, I., 2011. "Modified exergoeconomic modeling of geothermal power plants," Energy, Elsevier, vol. 36(11), pages 6358-6366.
    13. Yildirim, Nurdan & Toksoy, Macit & Gokcen, Gulden, 2010. "Piping network design of geothermal district heating systems: Case study for a university campus," Energy, Elsevier, vol. 35(8), pages 3256-3262.
    14. Walmsley, Timothy Gordon & Philipp, Matthias & Picón-Núñez, Martín & Meschede, Henning & Taylor, Matthew Thomas & Schlosser, Florian & Atkins, Martin John, 2023. "Hybrid renewable energy utility systems for industrial sites: A review," Renewable and Sustainable Energy Reviews, Elsevier, vol. 188(C).
    15. Guzović, Z. & Lončar, D. & Ferdelji, N., 2010. "Possibilities of electricity generation in the Republic of Croatia by means of geothermal energy," Energy, Elsevier, vol. 35(8), pages 3429-3440.

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